MeritValue

INTERNATIONAL BANCSHARES CORP

IBOCdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

INTERNATIONAL BANCSHARES CORP earns about 34% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $68.11 and $323.41 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$398.1M1$525.8M2$800.2M3$866M3$886.3M3
Net income$253.9M4$300.2M5$411.8M6$409.2M6$412.3M6
Operating cash flow$291.7M7$387.9M8$474.4M9$473.9M9$491.1M9
Capital expenditure$10.4M10$19.2M11$27.5M12$14.1M12$18.1M12
Free cash flow (derived)$281.3M7$368.7M8$446.9M9$459.8M9$472.9M9
Total debt—————
Cash & equivalents$3.21B13$2.09B14$651.1M15$352.7M16$536.5M16
Diluted shares63.5M62.8M62.2M62.3M62.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$522.29
your share of equity
Profit it earned you last year
$66.22
Free cash flow it threw off
$75.97
Debt you’d be carrying
—

10 shares is a claim on $522.29 of net worth that earned you $66.22 and generated $75.97 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
34% avg · 5y
FY21 —FY22 —FY23 29%FY24 38%FY25 35%

It earned about 34% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $68.11 and $323.41 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$323.41
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth15.5%
  • fcfBase$459.8M
DCF · Growth Exit 5Y
$210.54
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth15.5%
  • fcfBase$459.8M
Earnings Power Value
$68.11
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$409.2M
  • growthAssumed0.0%
Graham Number
$88.2
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years15.5%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $210.54
The three cases
Bear0.0%$114.14
Base15.5%$210.54
Bull20.0%$249.41

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 15.5%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001698 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001782 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-020439 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001698 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001782 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020439 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001698 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001782 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-020439 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001698 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001782 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-020439 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-001892 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-001698 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-001782 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-020439 (CashAndCashEquivalentsAtCarryingValue)